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Citi Has Hedge Fund In The Works
Posted: 02/01/10
By: tomgrisafi
Citi is said to be planning a sale of its hedge fund and private equity businesses, according to Bloomberg.
Its private equity concern has about $10 billion under management, while its hedge fund group is a $14 billion operation.
Citi entered private equity in 2000, and it paid $800 million for Old Lane, a hedge fund founded by its current Chief Executive Officer, Vikram Pandit. It went on to consolidate Old Lane into its hedge fund unit.
Bloomberg said Citi planned to sell off its private equity unit in 2009, well before President Obama announced his belief that any Wall Street firm should not have a proprietary private equity or hedge fund arm. Citi, a sprawling full service financial conglomerate, has been under pressure to shrink and reduce its businesses.
Source: Bloomberg
2 Comments
Guest
Posted: 02/01/10
The President's banking reform is going to stir up the large institutions.
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Guest
Posted: 02/01/10
This I think is only the first of many sell offs. More banks will follow Citi Group's lead following President Obama's new agenda.